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The ; proposal, ssiibmittfed ilast Thursday, would eliminate - exemptions for retirees ages 66 rto 62 and ilower: the threshold ffor;tax-exemption 'from $16,000rt.o $13,000. Mow ever, all (retirement income, including social security, woiild be calculated.
1 In: addition, under' the - new; phui, there .would! be’neither the$80O, personal exemption for: re tirees over 66 nor: the $3,000 subtraction ffor civil service retirees.
iRevised 'revenue calculations 4how that the < current; pension tax break would actually cost :the -state $67'miUionrmore than was originally 'figured during the special session. The; proposed, alternative would cost the Commonwealth about $124 [million, yielding a savings of $111 :milllion.
The new bill, said. Andrews,;pro-vides equity among:retirees. W8R6, ffederal civil servants, military and i private 'retirees will all receive the same level of: tax ffreei retirement income. Hhe : legislation also -eliminate ithe “cliff" rby not omitting i individuals with incomes a 'hit higher 'than $40,000, the current. cutoff :j»mt 'for Ipension tax benefits.
IFor Northern Virginia iCs ignt toibea better deal," said Ren.dospph V.Gartian.: J>4tftth !Dssi. The, proposal (does not .penalize i individuals firom areas .with ’higher ossfc-of-living.heexplamBd.
’flnwever, other'legislators’have ’expressed concern that 'the ;£tate as -nuiddling .with '.the pension :tax sys-tem .only six months later.
"“Ret it .up ami leave’it said .freshman-Set llrdacrdfL. Slather., IRSStii lifcst. 'ttocift -provide ;smy -stahaiityiir'tteese.peiippifc.’’’
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